Sporting Goods Corporation 3 Worksheet For period Ended December 31, 20XX 4. 3. 4. 5. 6. ADJUSTED TRIAL BALANCE DEBIT INC TRIAL BALANCE CREDIT ADJUSTMENTS CREDIT 7 DEBIT CREDIT DE ACCOUNT TITLE DEBIT 30.000.00 1 Cash 2 Petty Cash 3 Accounts Receivable 10 500,00 11 2,000.00 12 4 Allowance for Uncollectible Accounts 200.00 13 5 Merchandise Inventory 150,000.00 14 6 Supplies-Office 3,000.00 15 3,200,00 7 Supplies-Store 8 Prepaid Insurance 9ofice Equipment 16 5,000.00 17 25,000.00 10 Accumulated Depreciation-Office Equinment 11 Store Equipment 18 5,000.00 19 29,000.00 20 6,000.00 12 Accumulated Depreciation-Store Equinment 21 11,000.00 13 Accounts Payable 22 500.00 14 Emplovee Income Tax Payable 23 15 Federal Income Tax Payable 16 Social Security Tax Payable 1.400.00 17 Medicare Tax Payable 400.00 8 Sales Tax Payable 2,000.00 40.00 9 Unemployment Tax Payable-Federal o Unemployment Tax Payable-State 230.00 1 Health Insurance Premiums Pavable 1.300.00 2 Dividends Payable 6,000.00 23 Capital Stock 116,000.00 11,000.00 24 Retained Earnings 33 25 Dividends 22,000.00 34 26 Income Summary 35 462,530.00 27 Sales 36 28 Sales Discount 350.00 37 29 Sales Retums and Allowances 2,800.00 38 30 Purchases 205,000.00 39 1,200.00 31 Purchases Discount 40 32 Purchases Returns and Allowances 3,200.00 41 33 Advertising Expenses 3,250.00 42 34 Cash Short and Over 1,500.00 43 35 Credit Card Fee Expense 3,400.00 44 36 Depreciation Expense-Office Equipment 45 37 Depreciation Expense--Store Equipment 46 38 Insurance Expense 1,000.00 47 39 Miscellaneous Expense 2.500.00 48 40 Payroll Taxes Expense 8,300.00 49 41 Rent Expense 16.000.00 50 42 Salary Expense 100,000.00 51 43 Supplies Expense-Office 52 44 Supplies Exnense-Store 53 45 Uncollectible Accounts Expense 54 46 Utilities Expense 4,200.00 55 47 Federal Income Tax Expense 10,000.00 56 48 Totals 628.000.00 628,000.00 57 49 58 50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using the adjustments included update the worksheet with the new information. I hope this enough information to complete it. Adjustments: • Supplies-Office - ending supplies count is 1,500. • Supplies-Store - ending supplies count is $1,000 • Prepaid-Insurance used during the period was $4,500 A physical merchandise inventory count was taken on Dec. 31st and the ending inventory was $70,000. • Uncollectible accounts is estimated to be 2% of the total sales on account (Account Receivable) for the period. The office equipment depreciated by $5,000 and store equipment depreciated by $6,000

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2
Sporting Goods Corporation
3
Worksheet
4
For period Ended December 31 , 20XX
5.
4.
ADJUSTMENTS
2.
3
6.
ADJUSTED TRIAL BALANCE
DEBIT
INCO
TRIAL BALANCE
DEBIT
7.
CREDIT
DEBIT
CREDIT
CREDIT
DEBI
ACCOUNT TITLE
9
30,000.00
1 Cash
10
2 Petty Cash
500.00
11
2,000.00
3 Accounts Receivable
4 Allowance for Uncollectible Accounts
5 Merchandise Inventory
12
200.00
13
150,000.00
3,000.00
6 Supplies-Office
7 Supplies-Store
14
15
3,200,00
16
8 Prepaid Insurance
5,000,00
17
9 Office Equipment
25,000.00
18
5,000,00
10 Accumulated Depreciation-Office Equinment
19
11 Store Equipment
29,000.00
20
12 Accumulated Depreciation-Store Equipment
6,000.00
21
11,000.00
13 Accounts Payable
22
14 Emplovee Income Tax Payable
500.00
23
15 Federal Income Tax Payable
16 Social Security Tax Payable
1,400.00
17 Medicare Tax Payable
400.00
8 Sales Tax Payable
2,000.00
9 Unemployment Tax Payable-Federal
40.00
O Unemployment Tax Payable-State
230.00
1 Health Insurance Premiums Payable
1.300.00
2 Dividends Pavable
6,000.00
23 Capital Stock
116,000.00
24 Retained Earnings
11.000,00
33
25 Dividends
22,000.00
34
26 Income Summary
35
462,530.00
27 Sales
36
28 Sales Discount
350,00
37
29 Sales Retums and Allowances
2.800.00
38
30 Purchases
205,000.00
39
31 Purchases Discount
1,200.00
40
32 Purchases Returns and Allowances
3,200.00
41
33 Advertising Expenses
3,250.00
42
34 Cash Short and Over
1,500.00
43
35 Credit Card Fee Expense
3,400.00
44
36 Depreciation Expense--Office Equipment
45
37 Depreciation Expense--Store Equipment
38 Insurance Expense
46
1,000.00
47
39 Miscellaneous Expense
2.500.00
48
40 Payroll Taxes Expense
8,300.00
49
41 Rent Expense
16,000.00
50
42 Salary Expense
100.000.00
51
43 Supplies Expense--Office
52
44 Supplies Expense--Store
53
45 Uncollectible Accounts Expense
54
46 Utilities Expense
4,200.00
55
47 Federal Income Tax Expense
10,000.00
56
48 Totals
628.000.00
628,000.00
57
49
58
50

The Sporting Goods merchandise corporation is ending it's fiscal year on Dec. 31, 20XX.
They must create adjustments for the end of the fiscal period as follows.
Sporting Goods Merchandise Corporation Adjustments are:
1. Supplies-Office - ending supplies count is 1,500.
2. Supplies-Store - ending supplies count is $1,000
3. Prepaid Insurance used during the period was $4,500
4. A physical merchandise inventory count was taken on Dec. 31st and the ending inventory was $70,000.
5. Uncollectible accounts is estimated to be 2% of the total sales on account (Account Receivable) for the period.
6. The office equipment depreciated by $5,000 and store equipment depreciated by $6,000
Enter the adjustments to the worksheet Adjustments columns.
Total Adjustments columns, total debits must equal total credits.
Extend all account balances (adjusted AND non-adjusted account) to the Adjusted Trial Balance columns.
Total Adiucted Trial Balance columns total debits muct eaual total credits

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